I mean, do you think it's really that likely that the portfolio manager of the hedge fund is in collusion with the board? That would be highly unusual, and I seriously doubt McKinsey would risk such collusion.

I know people here don't think highly of the financial services industry, but let's talk about self interest. The fines from the SEC if there were collusion would be massive, this would be one of the biggest cases of insider trading in the past decade.

I know people from McKinsey, and while I don't know about top management, I believe that they are a reputable firm and wouldn't touch anything like this with a ten-foot pole.